Latest news with #MorguardCorporation
Cision Canada
06-08-2025
- Business
- Cision Canada
Morguard Corporation Announces 2025 Second Quarter Results and Regular Eligible Dividend
MISSISSAUGA, ON, Aug. 6, 2025 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX: MRC) is pleased to announce its financial results for the three and six months ended June 30, 2025. Operational and Balance Sheet Highlights The Company ended the second quarter in a strong liquidity position with $307.0 million, comprised of cash, available credit facilities and additional net mortgage financing received subsequent to June 30, 2025, and has a $1.1 billion pool of unencumbered properties and other investments. As at June 30, 2025, the Company's total assets were $11.8 billion, consistent compared to $11.8 billion at December 31, 2024. During the second quarter, the Company incurred $23.2 million of development expenditures, predominantly at the Company's residential project comprising 431 suites located in Mississauga, Ontario. The project is anticipated to commence occupancies in the second half of 2027. Reporting Highlights Total revenue from real estate properties increased by $1.7 million, or 0.7%, to $256.6 million for the three months ended June 30, 2025, compared to $254.9 million for the same period in 2024. Normalized funds from operations (1) ("Normalized FFO") was $56.0 million, or $5.24 per common share, for the three months ended June 30, 2025. This represents an increase of $4.8 million, or 9.3%, compared to $51.2 million, or $4.74 per common share for the same period in 2024. Comparative NOI (1) decreased by $2.1 million or 1.5% to $138.7 million for the three months ended June 30, 2025, compared to $140.8 million for the same period in 2024. Adjusted NOI (1) decreased by $1.0 million, or 0.7%, to $141.3 million for the three months ended June 30, 2025, compared to $142.3 million for the same period in 2024. Net income decreased by $0.5 million to $54.9 million for the three months ended June 30, 2025, compared to $55.4 million for the same period in 2024, primarily due to increase in provision for taxes, partially offset by a decrease in non-cash net fair value loss. Financial Highlights Three months ended June 30 Six months ended June 30 (in thousands of dollars) 2025 2024 2025 2024 Revenue from real estate properties $256,589 $254,858 $519,638 $511,947 Revenue from hotel properties 9,142 8,826 14,516 19,263 Management and advisory fees 10,417 10,522 19,908 20,179 Interest and other income 4,271 4,325 8,556 8,808 Total revenue $280,419 $278,531 $562,618 $560,197 Revenue from real estate properties $256,589 $254,858 $519,638 $511,947 Revenue from hotel properties 9,142 8,826 14,516 19,263 Property operating expenses (102,951) (99,841) (276,602) (262,985) Hotel operating expenses (5,800) (5,964) (10,498) (15,598) Net operating income ("NOI") $156,980 $157,879 $247,054 $252,627 Net income attributable to common shareholders $54,001 $53,858 $112,136 $184,304 Net income per common share – basic and diluted $5.05 $4.98 $10.47 $17.04 Funds from operations (1) $56,519 $47,381 $103,761 $79,324 FFO per common share – basic and diluted (1) $5.28 $4.38 $9.69 $7.33 Normalized funds from operations (1) $56,039 $51,270 $106,003 $103,846 Normalized FFO per common share – basic and diluted (1) $5.24 $4.74 $9.90 $9.60 (1) Refer to Specified Financial Measures. Total revenue during the three months ended June 30, 2025, increased by $1.9 million to $280.4 million compared to $278.5 million in 2024, mainly due to an increase in revenue from real estate properties in the amount of $1.7 million, primarily due to higher average monthly rent ("AMR"), net of an increase in vacancy within the multi-suite residential segment and an increase in vacancy at Penn West Plaza, resulting from the expiry of Obsidian Energy's lease ("Obsidian Lease Expiry"). In addition, revenue increased from the change in foreign exchange rate and from the net impact of acquisition and disposition of properties. Net income for the three months ended June 30, 2025 was $54.9 million, compared to $55.4 million in 2024. The decrease in net income of $0.5 million for the three months ended June 30, 2025, was primarily due to the following: A decrease in NOI of $0.9 million, mainly due to a decrease in gross rent and an increase in vacancy costs at Penn West Plaza due to Obsidian Lease Expiry, and higher vacancy at multi-suite residential properties, partially offset by an increase in AMR at multi-suite residential properties, the change in foreign exchange rate and from the net impact of acquisition and disposition of properties; A decrease in amortization of hotel properties and other of $1.5 million; A decrease in non-cash net fair value loss of $7.2 million, mainly due to an increase in fair value gain on real estate properties and marketable securities, partially offset by an increase in fair value loss on Morguard Residential REIT units; and An increase in income tax expense (current and deferred) of $7.1 million, mainly due to a higher fair value gain recorded on the Company's Canadian and U.S. properties. Total revenue during the six months ended June 30, 2025, increased by $2.4 million to $562.6 million compared to $560.2 million in 2024, mainly due to an increase in revenue from real estate properties in the amount of $7.7 million, primarily due to higher AMR, net of an increase in vacancy within the multi-suite residential segment and an increase in vacancy at Penn West Plaza. In addition, revenue increased from the change in foreign exchange rate and decreased from the net impact of acquisition and disposition of properties, which includes a decrease in revenue from the sale of 14 hotels on January 18, 2024 (the "Hotel Portfolio Disposition") in the amount of $4.7 million. Net income for the six months ended June 30, 2025 was $109.6 million, compared to $172.2 million in 2024. The decrease in net income of $62.6 million for the six months ended June 30, 2025, was primarily due to the following: A decrease in NOI of $5.6 million, mainly due to a decrease in gross rent and an increase in vacancy costs at Penn West Plaza, resulting from the Obsidian Lease Expiry, and higher vacancy at multi-suite residential properties, partially offset by an increase in AMR at multi-suite residential properties, the change in foreign exchange rate and from the net impact of acquisition and disposition of properties; An increase in non-cash net fair value gain of $108.4 million, mainly due to an increase in fair value gain on real estate properties and marketable securities, and a decrease in fair value loss on other real estate funds investments, partially offset by an increase in fair value loss on Morguard Residential REIT units; A decrease in gain on sale of hotel properties of $150.6 million due to the Hotel Portfolio Disposition; and An increase in income tax expense (current and deferred) of $15.1 million, mainly due to a deferred tax increase from a higher fair value gain recorded on the Company's Canadian and U.S. properties, partly offset by a decrease in current taxes resulting from the disposal of properties in 2024. Average Occupancy Levels During the second quarter, occupancy was strong and consistent across the multi-suite residential and retail asset classes, supporting the Company's business objective of generating stable and increasing cash flow through its diversified portfolio of real estate assets. The following table provides occupancy by asset class for the following periods: (1) Retail occupancy has been adjusted to exclude development space of 379,572 square feet of GLA. (2) Office includes industrial properties with 1,013,500 square feet of GLA. On February 1, 2025, Obsidian Energy's lease expired at Penn West Plaza, an office building located in Calgary, Alberta. As at June 30, 2025, the occupancy percentage for Penn West Plaza was 79.4% compared to 100.0% at June 30, 2024. Adjusted Net Operating Income ("Adjusted NOI") The following table provides a reconciliation of Adjusted NOI to its closely related financial statement measurement for the following periods: (1) Includes industrial properties with NOI for the three and six months ended June 30, 2025 of $2,720 (2024 - $2,639) and $5,524 (2024 - $5,116), respectively. For the three and six months ended June 30, 2025, Adjusted NOI decreased by $1.0 million and $1.9 million, respectively, primarily due to decrease in office portfolio primarily due to Obsidian Lease Expiry, a decrease in the retail portfolio mainly due to lower percentage rent at three enclosed shopping centres and higher vacancy and bad debt expense, partially offset by an increase in AMR, net of higher vacancy within the multi-suite residential segment, and from the change in foreign exchange rate and the net impact of acquisition and disposition of properties. The following tables provide a reconciliation of FFO and Normalized FFO to its closely related financial statement measurement for the following periods: Three months ended June 30 Six months ended June 30 (in thousands of dollars) 2025 2024 2025 2024 Multi-suite residential $76,390 $73,081 $151,240 $143,502 Retail 31,181 32,065 62,039 64,352 Office 30,419 34,343 61,126 68,837 Hotel 3,342 2,862 4,018 3,665 Adjusted NOI Other Revenue 141,332 142,351 278,423 280,356 Management and advisory fees 10,417 10,522 19,908 20,179 Interest and other income 4,271 4,325 8,556 8,808 Equity-accounted FFO 656 573 1,212 1,648 15,344 15,420 29,676 30,635 Expenses and Other Interest (63,610) (63,234) (126,595) (128,116) Principal repayment of lease liabilities (654) (382) (1,143) (783) Property management and corporate (21,789) (21,609) (46,714) (44,940) Internal leasing costs 1,095 932 2,731 2,137 Amortization of capital assets (278) (309) (566) (590) Current income taxes (1,617) (5,772) (4,254) (4,820) Non-controlling interests' share of FFO (12,389) (13,912) (24,312) (27,569) Unrealized changes in the fair value of financial instruments (881) (6,272) (3,503) (26,906) Other income (expense) (34) 168 18 (80) FFO $56,519 $47,381 $103,761 $79,324 FFO per common share amounts – basic and diluted $5.28 $4.38 $9.69 $7.33 Weighted average number of common shares outstanding (in thousands): Basic and diluted 10,704 10,813 10,711 10,813 Three months ended June 30 Six months ended June 30 (in thousands of dollars) 2025 2024 2025 2024 FFO (from above) $56,519 $47,381 $103,761 $79,324 Add/(deduct): Unrealized changes in the fair value of financial instruments 881 6,272 3,503 26,906 SARs plan increase (decrease) in compensation expense (541) (547) (218) 310 Lease cancellation fee and other (1,098) (2,399) (1,363) (3,436) Tax effect of above adjustments 278 563 320 742 Normalized FFO $56,039 $51,270 $106,003 $103,846 Per common share amounts – basic and diluted $5.24 $4.74 $9.90 $9.60 Third Quarter Dividend The Board of Directors of Morguard Corporation announced that the third quarterly, eligible dividend of 2025 in the amount of $0.20 per common share will be paid on September 29, 2025, to shareholders of record at the close of business on September 15, 2025. Subsequent Events The Company completed the CMHC-insured refinancing of a multi-suite residential property located in Toronto, Ontario, providing gross proceeds of $154.0 million at an interest rate of 4.05% for a term of 10 years. The maturing first and second mortgages amounted to $116.5 million and had a weighted average interest rate of 2.99%. The Company completed the refinancing of a multi-suite residential property located in Chicago, Illinois, in the amount of $163.7 million (US$120.0 million) at an interest rate of 5.35% and for a term of 3 years. The maturing mortgage amounted to $153.6 million (US$112.6 million) and had an interest rate of 3.49%. The Company completed the refinancing of an office property, in which the Company has 20% ownership, located in Vancouver, British Columbia, providing gross proceeds of $37.0 million (at ownership share) at an interest rate of 4.68% for a term of 5 years. The maturing mortgage amounted to $34.7 million (at ownership share) and had an interest rate of 3.40%. Specified Financial Measures The Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). However, this earnings release also uses specified financial measures that are not defined by IFRS, which follow the disclosure requirements established by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure for non-GAAP financial measures. Specified financial measures are categorized as non-GAAP financial measures, non-GAAP ratios, and other financial measures. Additional details on specified financial measures including supplementary financial measures, capital management measures and total segment measures are set out in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and are available on the Company's profile on SEDAR+ at The following non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. The Company's management uses these measures to aid in assessing the Company's underlying core performance and provides these additional measures so that investors may do the same. Management believes that the non-GAAP financial measures described below, which supplement the IFRS measures, provide readers with a more comprehensive understanding of management's perspective on the Company's operating results and performance. A reconciliation of each non-GAAP financial measure referred to in this earnings release is provided above. Adjusted NOI Adjusted NOI is an important measure in evaluating the operating performance of the Company's real estate properties and is a key input in determining the fair value of the Company's properties. Adjusted NOI represents NOI (an IFRS measure) adjusted to exclude the impact of realty taxes accounted for under IFRIC 21 as noted below. NOI includes the impact of realty taxes accounted for under the International Financial Reporting Interpretations Committee ("IFRIC") Interpretation 21, Levies ("IFRIC 21"). IFRIC 21 states that an entity recognizes a levy liability in accordance with the relevant legislation. The obligating event for realty taxes for the U.S. municipalities in which the REIT operates is ownership of the property on January 1 of each year for which the tax is imposed and, as a result, the REIT records the entire annual realty tax expense for its U.S. properties on January 1, except for U.S. properties acquired during the year in which the realty taxes are not recorded in the year of acquisition. Adjusted NOI records realty taxes for all properties on a pro rata basis over the entire fiscal year. Comparative NOI Comparative NOI is presented in this earnings release because management considers this non-GAAP financial measure to be an important measure of the Company's operating performance for properties owned by the Company continuously for the current and comparable reporting period and does not take into account the impact of the operating performance of property acquisitions and dispositions as well as properties subject to significant change as a result of recently completed development. In addition, Comparative NOI is presented in local currency, isolating any impact of foreign exchange fluctuations, and eliminates the impact of straight-line rents, realty taxes accounted for under IFRIC 21, lease cancellation fees and other non-cash and non-recurring items. Funds From Operations and Normalized FFO FFO (and FFO per common share) is a non-GAAP financial measure widely used as a real estate industry standard that supplement net income (loss) and evaluates operating performance but is not indicative of funds available to meet the Company's cash requirements. FFO can assist with comparisons of the operating performance of the Company's real estate between periods and relative to other real estate entities. FFO is computed in accordance with the current definition of the Real Property Association of Canada ("REALPAC") and is defined as net income (loss) attributable to common shareholders adjusted for: (i) deferred income taxes, (ii) unrealized changes in the fair value of real estate properties, (iii) realty taxes accounted for under IFRIC 21, (iv) internal leasing costs, (v) gains/losses from the sale of real estate or hotel property (including income tax on the sale of real estate or hotel property), (vi) transaction costs expensed as a result of a business combination, (vii) gains/losses on business combination, (viii) the non-controlling interest of Morguard North American Residential REIT, (ix) amortization of depreciable real estate assets (including right-of-use assets), * amortization of intangible assets, (xi) principal payments of lease liabilities, (xii) FFO adjustments for equity-accounted investments, (xiii) provision for (recovery of) impairment, (xiv) other fair value adjustments and non-cash items. The Company considers FFO to be a useful measure for reviewing its comparative operating and financial performance. FFO per common share is calculated as FFO divided by the weighted average number of common shares outstanding during the period. Normalized FFO (and normalized FFO per common share) is computed as FFO excluding non-recurring items on a net of tax basis and other non-cash fair value adjustments. The Company believes it is useful to provide an analysis of Normalized FFO which excludes non-recurring items on a net of tax basis and other non-cash fair value adjustments excluded from REALPAC's definition of FFO described above. Non-consolidated indebtedness to gross book value ratio is a compliance measure and establishes the limit for financial leverage of the Company on a Non-Consolidated Basis. Non-consolidated indebtedness to gross book value ratio is presented in this earnings release because management considers this non-GAAP measure to be an important compliance measure of the Company's financial position. Non-consolidated gross book value is a measure of the value of the Company's assets and is calculated as total assets less right-of-use assets accounted for under IFRS 16, Leases. Non-consolidated indebtedness is defined as the sum of the current and non-current portion of: (i) mortgages payable, (ii) Unsecured Debentures, (iii) convertible debentures, (iv) bank indebtedness, and (v) loans payable. The Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, along with Management's Discussion and Analysis will be available on the Company's website at and will be filed with SEDAR+ at About Morguard Corporation Morguard Corporation is a real estate company, with total assets owned and under management valued at $19.1 billion. As at August 6, 2025, Morguard owns a diversified portfolio of 156 multi-suite residential, retail, office, industrial and hotel properties comprised of 17,798 residential suites, approximately 16.9 million square feet of commercial leasable space and 472 hotel rooms. Morguard also currently owns a 68.3% interest in Morguard Real Estate Investment Trust and a 48.4% effective interest in Morguard North American Residential Real Estate Investment Trust. Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at SOURCE Morguard Corporation
Yahoo
24-06-2025
- Business
- Yahoo
Morguard Rings TSX Closing Bell to Commemorate 50 Years of Excellence
MISSISSAUGA, ON, June 24, 2025 /CNW/ - Morguard ("Morguard") (TSX: MRC) marked a major milestone in the company's history, closing the market at the Toronto Stock Exchange (TSX) in celebration of 50 years since the establishment of Morguard Investments Limited and more than 60 years since the company's original TSX listing. Angela Sahi, President and Chief Operating Officer, Morguard, joined Dani Lipkin, Managing Director, Global Innovations Sector, TSX, and a group of Morguard employees to ring the closing bell at the TSX Market Centre at 120 Adelaide Street West in Toronto on June 20, 2025. The event recognized Morguard's decades-long leadership in North American real estate and its enduring commitment to value creation, operational excellence, and community impact. "It was an honour to ring the closing bell at the Toronto Stock Exchange in celebration of this important milestone," said Angela Sahi. "Each and every Morguard employee should be proud of what we have accomplished over the past five decades and the positive momentum we continue to build. As we look to the future, we remain committed to creating value for our stakeholders and leading with purpose in a constantly evolving real estate landscape." Morguard has consistently demonstrated strength across its asset classes, including residential, retail, office, industrial, and hotel properties. The company has expanded its diverse portfolio through key acquisitions and developments, while advancing our strategy of creating asset strength and long-term value, and commitment to stability and resilience. Morguard was listed on the TSX in 1962 as Acklands Limited. After shifting toward real estate in the 1990s, the company was renamed Morguard Corporation in 2002 to reflect its focus on real estate. Morguard Investments Limited, incorporated in 1975 as a real estate management and advisory firm, later became a core part of Morguard Corporation's integrated structure. The 50-year anniversary commemorates its establishment as a key driver of the company's growth and operations. A video of the ceremony is now available on TMX Group YouTube channel and Morguard's website. Pictures from the event will be available on Morguard's social channels. About Morguard Corporation Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. This year, Morguard proudly celebrates 50 years of leadership, innovation, and growth in the real estate industry. For more information, visit or follow us on LinkedIn and Instagram. SOURCE Morguard Corporation View original content to download multimedia:
Cision Canada
24-06-2025
- Business
- Cision Canada
Morguard Rings TSX Closing Bell to Commemorate 50 Years of Excellence
MISSISSAUGA, ON, June 24, 2025 /CNW/ - Morguard ("Morguard") (TSX: MRC) marked a major milestone in the company's history, closing the market at the Toronto Stock Exchange (TSX) in celebration of 50 years since the establishment of Morguard Investments Limited and more than 60 years since the company's original TSX listing. Angela Sahi, President and Chief Operating Officer, Morguard, joined Dani Lipkin, Managing Director, Global Innovations Sector, TSX, and a group of Morguard employees to ring the closing bell at the TSX Market Centre at 120 Adelaide Street West in Toronto on June 20, 2025. The event recognized Morguard's decades-long leadership in North American real estate and its enduring commitment to value creation, operational excellence, and community impact. "It was an honour to ring the closing bell at the Toronto Stock Exchange in celebration of this important milestone," said Angela Sahi. "Each and every Morguard employee should be proud of what we have accomplished over the past five decades and the positive momentum we continue to build. As we look to the future, we remain committed to creating value for our stakeholders and leading with purpose in a constantly evolving real estate landscape." Morguard has consistently demonstrated strength across its asset classes, including residential, retail, office, industrial, and hotel properties. The company has expanded its diverse portfolio through key acquisitions and developments, while advancing our strategy of creating asset strength and long-term value, and commitment to stability and resilience. Morguard was listed on the TSX in 1962 as Acklands Limited. After shifting toward real estate in the 1990s, the company was renamed Morguard Corporation in 2002 to reflect its focus on real estate. Morguard Investments Limited, incorporated in 1975 as a real estate management and advisory firm, later became a core part of Morguard Corporation's integrated structure. The 50-year anniversary commemorates its establishment as a key driver of the company's growth and operations. A video of the ceremony is now available on TMX Group YouTube channel and Morguard's website. Pictures from the event will be available on Morguard's social channels. About Morguard Corporation Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. This year, Morguard proudly celebrates 50 years of leadership, innovation, and growth in the real estate industry.
Yahoo
01-06-2025
- Business
- Yahoo
With 64% ownership, insiders at Morguard Corporation (TSE:MRC) are pretty optimistic and have been buying recently
Morguard's significant insider ownership suggests inherent interests in company's expansion The largest shareholder of the company is Kuldip Sahi with a 63% stake Insiders have been buying lately This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. A look at the shareholders of Morguard Corporation (TSE:MRC) can tell us which group is most powerful. The group holding the most number of shares in the company, around 64% to be precise, is individual insiders. In other words, the group stands to gain the most (or lose the most) from their investment into the company. And looking at our data, we can see that insiders have bought shares recently. This could signal that stock prices could go up and insiders are here for it. In the chart below, we zoom in on the different ownership groups of Morguard. View our latest analysis for Morguard Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. As you can see, institutional investors have a fair amount of stake in Morguard. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Morguard's historic earnings and revenue below, but keep in mind there's always more to the story. Hedge funds don't have many shares in Morguard. The company's CEO Kuldip Sahi is the largest shareholder with 63% of shares outstanding. This essentially means that they have significant control over the outcome or future of the company, which is why insider ownership is usually looked upon favourably by prospective buyers. In comparison, the second and third largest shareholders hold about 12% and 0.8% of the stock. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Our most recent data indicates that insiders own the majority of Morguard Corporation. This means they can collectively make decisions for the company. Given it has a market cap of CA$1.2b, that means they have CA$763m worth of shares. It is good to see this level of investment. You can check here to see if those insiders have been buying recently. The general public, who are usually individual investors, hold a 22% stake in Morguard. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. While it is well worth considering the different groups that own a company, there are other factors that are even more important. Case in point: We've spotted 2 warning signs for Morguard you should be aware of, and 1 of them is concerning. Ultimately the future is most important. You can access this free report on analyst forecasts for the company. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
09-05-2025
- Business
- Cision Canada
Morguard Corporation Announces Voting Results from the 2025 Annual Meeting of Shareholders
MISSISSAUGA, ON, May 9, 2025 /CNW/ - Morguard Corporation (the "Corporation") (TSX: MRC) today announced the results of matters voted on at its annual shareholders' meeting held on May 7, 2025 (the "Meeting"), which included the election of directors of the Corporation, all of the nominees listed in its management information circular dated March 14, 2025. The voting results for each of the matters presented at the Meeting are presented below. The total number of common shares represented by shareholders present in person or by proxy at the meeting was 9,578,593 representing 89.35% of the Corporation's outstanding common shares. 1. Election of Directors The nine (9) nominees proposed by management were elected as directors of the Corporation to hold office until the termination of the next annual meeting of shareholders or until their successors are duly elected or appointed, subject to the provisions of the Corporation's by-laws. Proxies were received on this matter as follows: 2. Appointment of Auditors The firm of Ernst & Young LLP, chartered accountants, was appointed as auditor of the Corporation to hold office until the close of the next annual meeting of the shareholders or until their successors are duly appointed, and to authorize the directors to fix the remuneration of the auditor. Proxies were received on this matter as follows: About Morguard Corporation Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. For more information, please visit SOURCE Morguard Corporation
